Room that will be the club lounge near the bowling alleys at Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. (Lori Van Buren / Times Union) ORG XMIT: MER2015071016582688

Room that will be the club lounge near the bowling alleys at Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. (Lori Van Buren / Times Union) ORG XMIT: MER2015071016582688

The Latitude Live room at Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. This is the main performance and concert room. (Lori Van Buren / Times Union) ORG XMIT: MER2015071016594200 less

The Latitude Live room at Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. This is the main performance and concert room. (Lori Van Buren / Times Union) ORG XMIT: ... more

Brent Brown, the CEO of luxury bowling alley Latitude 360, walks through the arcade area as he shows the progress of Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. (Lori Van Buren / Times Union) ORG XMIT: MER2015071016592598 less

Brent Brown, the CEO of luxury bowling alley Latitude 360, walks through the arcade area as he shows the progress of Latitude 360 in Crossgates Mall on Thursday, March 19, 2015 in Guilderland, N.Y. (Lori Van ... more

Announced in March 2014, Latitude 360 originally was supposed to open that October. After repeated delays, CEO Brent Brown said in March he expected to be open by May. That month came and went without any additional information. The space the entertainment center would occupy is still covered over with a sign advertising its imminent arrival, but no new date has been announced.

In a May 29 quarterly report, Latitude 360 detailed significant fiscal problems. The company reported it had $47.2 million in assets and $70.4 million in liabilities. That meant shareholders' stake is worth a negative $23 million.

The firm said it had a total accumulated deficit of $175 million and had a net loss of $9.1 million in the first quarter of this year.

"I don't know who would provide financing. It owes lots of money to creditors already," he said. "I don't know why anyone would do any work for the company unless they were paid cash up front."

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On Friday, Latitude 360's stock was valued at 63 cents a share, up 3 cents. That would set its market value at $82 million.

A week or so earlier, Ritter said, its stock had been worth 84 cents, putting the company's value at $100 million.

"I don't see why the market value is above zero," he said. "The revenue doesn't cover operating costs. I don't see any evidence they've ever had success."

In December, the Florida Times-Union reported on a lawsuit by a former company official that claimed Latitude 360 continued to expand its family-entertainment centers across the country while not paying contractors, health insurance premiums and employees. Craig Phillips, the former chief financial officer at the company, made the allegations, the newspaper reported.

The firm countersued Phillips, claiming he had threatened to go to the press if his compensation claims were not met, the paper said.

In its quarterly report, Latitude 360 also reported it had defaulted on payments on leases for its buildings in Jacksonville and Indianapolis, Indiana, though it had reached an agreement to make payments. The business also said it is facing five lawsuits seeking damages in excess of $500,000 each.

The company's businesses feature high-end bowling lanes with leather couches and large screen audiovisuals at the ends of lanes. Performance spaces feature comedy acts, DJs and live music. A sports theater was expected to have Vegas-style large television screens showing multiple events. An arcade was to offer games and prizes.

The facility was planned to occupy 50,000 square feet and was meant to help Crossgates continue its focus on becoming an entertainment center. The mall already hosts a Dave & Buster's game site, and a Funny Bone comedy club is under construction.

In March this year, Brown came to the Guilderland location and said he planned in two weeks to take down the barrier that blocks mall visitors' views so people can begin to get a peek of what's coming. Employees, he said, would then set up in the outermost area of the 50,000-square-foot space to begin taking event reservations and memberships.

Those weeks have come and gone. At the mall Thursday, it was hard to hear whether any construction was occurring inside Latitude 360's space due to the normal mall noises and the construction nearby for the Funny Bone comedy club.

The recording that plays when you call the mall still says Latitude 360 will be opening later this year.

In March, Brown promoted his business as a way for malls to survive and thrive.

"Retail has changed forever, and a lot of your big retailers, your anchor stores, are closing their brick and mortars due to online sales," he said. "There has got to be an anchor to fill that space. What you can't get online is an entertainment experience. The customer today is difficult. Millennials are difficult. They want an experience."